ZANDHOEF: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ZANDHOEF
Largest movements
- Cash +€84,763
up €84,763 (+920.5%), from €9,208 to €93,971
mainly Stocks and contracts (+€81,500) and Trade debts (+€14,239)
- Stocks and contracts -€81,500
down €81,500 (-43.1%), from €189,000 to €107,500
- Receivables within one year -€13,210
down €13,210 (-54.9%), from €24,067 to €10,857
of which Trade receivables: -€11,172
- Profit (loss) carried forward -€21,995
down €21,995, from €445 to -€21,550
- Trade debts +€14,239
up €14,239 (+231.4%), from €6,153 to €20,391
- Advances received -€9,270
down €9,270 (-100.0%), from €9,270 to €0
- Other debts +€5,095
up €5,095 (+2.4%), from €213,472 to €218,567
- Gross operating margin -€22,172
down €22,172, from €2,473 to -€19,699
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €239,448 | €227,409 | -€12,040 | -5.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €16,526 | €14,420 | -€2,106 | -12.7% |
| Tangible fixed assets | 22/27 | €16,526 | €14,420 | -€2,106 | -12.7% |
| Land and buildings | 22 | €15,456 | €13,640 | -€1,817 | -11.8% |
| Plant, machinery and equipment | 23 | €1,070 | €781 | -€289 | -27.0% |
| Current assets | 29/58 | €222,922 | €212,988 | -€9,934 | -4.5% |
| Stocks and contracts in progress | 3 | €189,000 | €107,500 | -€81,500 | -43.1% |
| Stocks | 30/36 | €189,000 | €107,500 | -€81,500 | -43.1% |
| Amounts receivable within one year | 40/41 | €24,067 | €10,857 | -€13,210 | -54.9% |
| Trade receivables | 40 | €21,120 | €9,948 | -€11,172 | -52.9% |
| Other amounts receivable | 41 | €2,947 | €909 | -€2,037 | -69.1% |
| Cash at bank and in hand | 54/58 | €9,208 | €93,971 | +€84,763 | +920.5% |
| Deferred charges and accrued income | 490/1 | €648 | €660 | +€12 | +1.9% |
| Total equity and liabilities | 10/49 | €239,448 | €227,409 | -€12,040 | -5.0% |
| Equity | 10/15 | €10,445 | -€11,550 | -€21,995 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €445 | -€21,550 | -€21,995 | |
| Amounts payable | 17/49 | €229,003 | €238,959 | +€9,956 | +4.3% |
| Amounts payable within one year | 42/48 | €229,003 | €238,959 | +€9,956 | +4.3% |
| Trade debts | 44 | €6,153 | €20,391 | +€14,239 | +231.4% |
| Suppliers | 440/4 | €6,153 | €20,391 | +€14,239 | +231.4% |
| Advances received on contracts in progress | 46 | €9,270 | €0 | -€9,270 | -100.0% |
| Taxes, remuneration and social security | 45 | €108 | €0 | -€108 | -100.0% |
| Taxes | 450/3 | €108 | €0 | -€108 | -100.0% |
| Other amounts payable | 47/48 | €213,472 | €218,567 | +€5,095 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,101 | €2,106 | +€5 | +0.2% |
| Other operating charges | 640/8 | €215 | €120 | -€95 | -44.3% |
| Gross operating margin | 9900 | €2,473 | -€19,699 | -€22,172 | |
| Operating profit (loss) | 9901 | €156 | -€21,924 | -€22,081 | |
| Financial income | 75/76B | €34 | €0 | -€34 | -100.0% |
| Recurring financial income | 75 | €34 | €0 | -€34 | -100.0% |
| Financial charges | 65/66B | €69 | €71 | +€2 | +2.6% |
| Recurring financial charges | 65 | €69 | €71 | +€2 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €121 | -€21,995 | -€22,117 | |
| Income taxes | 67/77 | €29 | €0 | -€29 | -100.0% |
| Profit (loss) for the period | 9904 | €93 | -€21,995 | -€22,088 | |
| Profit (loss) for the period to be appropriated | 9905 | €93 | -€21,995 | -€22,088 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.